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Investor Presentation Investor Presentation January 2016 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking statements include, among others, the Company’s prospects, expected revenues, expenses, profits, expected developments and strategies for its operations, and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “achieve”, “achievable,” “believe,” “estimate,” “expect,” “intend”, “plan”, “planned”, and other similar terms and phrases. Forward-looking statements are based on current expectations, estimates, projections and assumptions that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; and availability of products, qualified personnel, manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect, actual results may vary materially from those expected. 2 OVERVIEW OF TRICAN YEAR TO DATE SEPTEMBER 30, 2015 . Large, North American, full service pressure pumping company Revenue by Geography 44% 56% . 1,083,500 HP available fracturing USA capacity Canada . 87 Cement & 37 Acid Units Revenue by Service Line 3% 2% 4% 3% . 29 Coiled Tubing & 61 N2 Units 9% Fracturing Cementing Nitrogen Coiled Tubing . Focus on safety, technology, and Acid & Specialty Chemicals operational performance Industrial & Pipeline Services 79% 3 OVERVIEW OF TRICAN . 577,000 HP (53% of equipment) parked since 2014 Historical Fracturing HP 1,400,000 • 35% parked in Canada 1,200,000 • 62% now parked in USA 1,000,000 . Equipment parked whole and not 800,000 scavenged 600,000 400,000 . Continue to maintain R&M 200,000 expenditures during downturn 0 2007 2008 2009 2010 2011 2012 2013 2014 2015* . * Equipment after International divestures. 60,000 HP bi-fuel units 4 COMPETITIVE ADVANTAGES . Strong safety record • 2015 YTD injury frequency rate of 1.07 . Operational performance • Efficiency saves clients money . Technology • MVP Frac TM • TriVert Diverting Agent • Lightweight cements • Recycled water 5 CANADA 6 CANADA . Trican is the largest pressure pumper in Canada . Trican offers full services in Canadian market which balances revenue and profitability • Large cementing market share • Strong market share in other services . Canadian market has fewer competitors (6 vs. over 30 in the U.S. market) . Trican has a strong customer base in Canada • Numerous long-term clients . Canadian dollar to U.S. dollar exchange rate helps producer economics 7 CANADA . Technical advantage in Canadian market which pays off in downturn • 20% of fracturing work in 2014 done with MVP frac • Geological and reservoir services integrated into frac designs • Lightweight cement blends • Numerous engineers embedded in client offices • Technology retains and grows market share and improves returns in a downturn . Canadian Q3 operating margin: 19.3% 8 GEOGRAPHIC COVERAGE Horn River FORT NELSON HIGH LEVEL Shale British Columbia Alberta Saskatchewan Manitoba Montney FORT ST. JOHN Shale RED EARTH GRANDE PRAIRIE Duvernay WHITECOURT Shale HINTON NISKU LLOYDMINSTER DRAYTON VALLEY Viking RED DEER PROVOST DRUMHELLER Tight Oil Tight Gas CALGARY BRANDON BROOKS ESTEVAN MEDICINE HAT Bakken Spearfish Cardium Lower Shaunavon Shale Tight Oil Tight Oil 9 CANADA EQUIPMENT Canadian HP Growth . Current available Canadian fleet 500,000 450,000 • 440,000 fracturing HP 400,000 350,000 • 55 Cementing units 300,000 250,000 • 38 N2 Pumpers 200,000 150,000 • 19 Acid Units 100,000 50,000 • 16 Coil Units 0 2008 2009 2010 2011 2012 2013 2014 2015* * Anticipated HP at year-end based on approved budgets, which are subject to change 10 CANADA - OUTLOOK . 35% of equipment parked during 2015 • Anticipate keeping remaining equipment highly utilized . Parked equipment ring fenced and ready to go to work when activity improves . Will right size fleet up or down to maximize utilization and profits . Pricing down 25% off 2014 peak levels 11 CANADA - OUTLOOK . Customer base strong • Have had market share improvements . Cost cutting measures have substantially improved second half results • Still working on additional cost savings . Customers anticipated plans for Q1 2016 look strong at this time • Core customers remaining busy in 2016 12 CANADA – COST CUTTING . Product Costs • Largest element of cost structure • Have achieved 10-15% reduction . People • Have reduced Canadian employee base by 45% • Total salary and benefits cost reduced by 57% • Expected annual fixed cost reductions of $86 million . Other • Implemented significant cost cutting measures for all other costs . Fixed costs reduced 42% year-over-year 13 USA 14 GEOGRAPHIC COVERAGE - FRACTURING MINOT Bakken Marcellus Mid-Con Utica Barnett SHAWNEE Current Active US Crews SPRINGTOWN . Oklahoma: 2 crew ODESSA . Marcellus: 4 crews . Current Active HP: 217,500 Permian HOUSTON . Current Parked HP: 427,500 MATHIS . Cement and Coiled Eagle Ford Tubing services in the Permian and Eagle Ford 15 USA – OUTLOOK . Pricing stabilized - down approximately 30% from peak . Shut down 2 fracturing crews in Texas in October resulting in additional cost savings • Cost savings of approximately $4 million per quarter . Expect to operate 35% of available equipment over the remainder of 2015 and 2016 . 5 of 6 crews committed to Q2 2016 • 4 of 6 crews committed to 2017 • One spot market crew in Marcellus 16 USA – OUTLOOK . Anticipate Q1 2016 activity to be strong on committed crews based on current customer plans • Will continue to monitor customer programs and adjust equipment up or down . Competitive landscape improving as less equipment available 17 US - COST CUTTING . Product costs • Have achieved 15-25% reduction to date . People • Have reduced employee base by 60% • Salary reductions of 10% on remaining employees • Expected annual fixed cost reductions of $76 million . Equipment • Repair costs have not declined on a $/HP basis as we continue to maintain equipment • Parked equipment ring fenced and available to go to work . Fixed costs reduced 51% year-over-year and 16% sequentially 18 CORPORATE - COST CUTTING . People Costs • Salary and benefits reductions - Salary reductions of 10% - Temporary suspension of certain benefits • Reduced Corporate employee base by 40% • Total annualized cost reductions of $24 million . Other • Implemented significant cost cutting measures for all other Corporate expenses . Corporate costs down 70% year-over-year 19 COMPLETION TOOLS 20 COMPLETION TOOLS . Operations in Norway, Russia, USA and Canada . Offer multistage frac tools, completion and intervention tools for both open hole and cemented installations . Competitive advantage with patented completion system that has capacity for 240 cemented stages . Grown Norwegian and Russian revenue and profitability in 2015 due to market share growth . 2015 demand down in North America 21 INTERNATIONAL . Closed sale of Russian business for $195 million CDN • Includes first tranche of working capital adjustment • Sold for 6.4x 2014 EBITDA . Closed Saudi Arabia and Australia as scale not large enough to sustain International infrastructure . Kazakhstan sale in progress 22 GETTING THROUGH THE DOWNTURN 23 GETTING THROUGH THE DOWNTURN . Size operations to current activity levels . Lower costs . Keep utilization high on activated equipment . Work for the right customers . Maintain equipment . Provide differentiating safety, efficiency and technology . Increase scale in Basins to lower fixed costs 24 STEPS TO MANAGE THE DOWNTURN . Sell Russia, Kazakhstan, and spare international equipment in closed regions . Maximize profitability and cash flow from remaining operations • Canada doing well • Costs lowered in US to make positive cash if utilization high . Continue to de-lever the balance sheet and work with lending group 25 POSITIVES AFTER THE DOWNTURN . Strong earnings on reduced cost structure as utilization and pricing improve . Competitive landscape changing • Baker-Halliburton merger will create opportunities in all of our markets • U.S. competitive landscape will change - Smaller competitors struggling to survive - Mergers of mid-sized companies improves market - Equipment attrition will be significant 26 POSITIVES AFTER THE DOWNTURN Sand per Stage . Substantial completions 400,000 350,000 backlog 300,000 • Currently estimating over 250,000 4,500 drilled but 200,000 150,000 uncompleted wells in the 100,000 US market 50,000 - • Bodes well for an 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 increase in fracturing demand coming out of Frac Stage Intensity the downturn before drilling increases . Stage count/well and sand/stage continue to increase Source: Wall Street research, Pac West 27 COMING OUT OF THE DOWNTURN . We will focus on: • Being on the leading edge of cost and operational efficiencies • Achieving cost advantages through size and scale in active regions • Separating ourselves through technology, safety, service quality and innovation . Long term, need to lower cost to producers without lowering our margins • More efficient, lower cost fracturing
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